What Cross-Border Impact Ventures does

Cross-Border Impact Ventures (CBIV) is a Toronto-based impact venture capital firm founded in 2019 and spun out of Grand Challenges Canada, formally launching in December 2021. The firm invests in early-growth-stage health technology companies commercializing medical devices, diagnostics, therapeutics, and digital health innovations that address the needs of women, children and adolescents globally. CBIV's product is two investment vehicles: the Women's and Children's Health Technology Fund I, which closed at over US$90M in January 2024 with approximately 40 LPs, and the Women's and Children's Health Technology Fund II, which achieved a US$58M first close in August 2026 toward a US$125M target with final close expected in 2027. Fund II adds an integrated climate lens to the original gender-lens thesis.

The fund's portfolio of 11 companies spans maternal and fetal health (Sonio, mOm Incubators, Raydiant Oximetry, Daye), neonatal and child health (mOm Incubators), oncology (OncoLens, Oxford Cancer Analytics), respiratory health (TidalSense), cardiovascular disease (Cardiosense), gut health (Bactolife), and health infrastructure (Pendulum). Notable portfolio technology platforms include AI-enabled fetal ultrasound (Sonio, acquired by Samsung Medison for US$92.7M in May 2024), AI-powered respiratory diagnostics using CO2 waveform analysis (TidalSense, CE-marked under EU MDR Class IIa in March 2025), and AI-driven supply chain forecasting for essential medicines (Pendulum). Portfolio companies have achieved multiple FDA clearances and CE marks, and are deployed or piloting in NHS settings across England, Scotland and Wales.

CBIV's revenue model follows standard venture capital fund economics: management fees (typically 1.5–2% of committed capital) plus carried interest (typically 20% above hurdle) on profitable exits. Target financial returns are 15–20% net of fees. The firm is led by Managing Partners Annie Thériault and Donna Parr, supported by a Partner, Managing Director of Emerging Markets, Investment Director, Venture Partner, CFO, and ESG/Health Impact Associate. Anchor and concessionary LPs include KfW Development Bank (on behalf of Germany's BMZ), the Bill & Melinda Gates Foundation's Global Health Investment Corporation, Grand Challenges Canada, the Skoll Foundation, J&J Impact Ventures, and the Children's Investment Fund Foundation. Reach of Fund I portfolio companies exceeded 356,000 women and children across 32 countries.

Name

Cross-Border Impact Ventures

Legal name

Cross-Border Impact Ventures

Website

https://crossborder.ventures

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Cross-Border Impact Ventures is a Toronto-based impact venture capital firm that invests in early-growth-stage health technology companies addressing the needs of women, children and adolescents globally, managing two funds (US$90M+ Fund I and US$125M-target Fund II) backed by LPs such as KfW, the Gates Foundation, and the Skoll Foundation.

Ownership category

akta.pro rank

Product category

Impact Venture Capital / Healthcare Investment Fund Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Healthcare Access & Life Sciences Impact Funds (FSANAJAI)

akta.pro secondary industries

Impact / ESG Venture Capital (FSANAAAG), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Impact Investing (Intentional, Measurable Social/Environmental Outcomes) (FSAAALAC), Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Impact venture capital
• Health technology investing
• Gender lens investing
• Medical device venture
• Digital health investment

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Venture Capital Fund Management: CBIV operates as an impact venture capital firm managing investment vehicles. Revenue generated through management fees (typically 1.5-2% of committed capital) and carried interest (typically 20% of profits above hurdle rate). Fund I raised over $90M USD; Fund II targeting $125M with $58M first close.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cross-Border Impact Ventures is an impact venture capital firm that invests in early-growth-stage health technology companies addressing the needs of women, children, and adolescents globally. The firm manages two investment funds — the Women's and Children's Health Technology Fund I (US$90M+ final close) and Fund II (targeting US$125M with US$58M first close) — investing in medical devices, diagnostics, therapeutics, and AI-enabled digital health companies. CBIV offers limited partners both market-rate financial returns (15–20% target) and measurable health impact, while providing portfolio companies with capital, regulatory navigation support, market expansion assistance, and access to non-dilutive funding opportunities.

Product overview

Cross-Border Impact Ventures is an impact venture capital firm managing two investment funds: the Women's and Children's Health Technology Fund I (US$90M+ final close) and Women's and Children's Health Technology Fund II (targeting US$125M, first close at US$58M). The firm invests in early-growth-stage health technology companies across medical devices, diagnostics, therapeutics, and digital health, with a focus on solutions addressing women's, children's, and adolescents' health. Its portfolio includes 11 companies such as Pendulum (AI supply chain), Sonio (AI ultrasound, acquired by Samsung Medison), Cardiosense (AI cardiac monitoring), Daye (diagnostic tampons), and others spanning maternal health, oncology, respiratory care, and gut health.

Differentiator

Problem solved

Functional benefit

Products and services

• Women's and Children's Health Technology Fund I The inaugural impact investment fund managed by CBIV, focused on early-growth-stage health technology companies commercializing medical devices, diagnostics, and digital health innovations for women's, children's, and adolescents' health. Fund I secured over US$90 million in investor commitments from approximately 40 LPs and invested in 11 technology companies reaching 356,000+ women and children across 32 countries.
• Women's and Children's Health Technology Fund II The second impact investment fund targeting US$125 million with first close at US$58 million. Building on Fund I's success, Fund II adds an integrated climate lens and strengthened impact measurement while maintaining focus on Series A and Series B companies in medical devices, diagnostics, therapeutics, and AI-enabled digital health for women's and children's health.

Quantifiable outcome

• 356,000+ women and children reached across 32 countries through Fund I portfolio
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature3 records

Partnerships

Four partnerships are on record, tiered strategic and portfolio.

• UNICEFstrategicStrategic or Co-development PartnerCBIV participates in UNICEF's Community of Practice for Child-Lens Investing (CLI), joining 8 other pioneering investors to advance peer learning, tool development, and joint action toward child-focused investing. Platform led by UNICEF's Innovative Finance Hub in Helsinki and UNICEF USA.
• Samsung MedisonstrategicOthersMedical device unit of Samsung Electronics specializing in diagnostic imaging. Acquired CBIV portfolio company Sonio in 2024 for $92.7M, representing successful strategic exit for CBIV Fund I.
• TidalSenseportfolioOthersCambridge-based AI-powered respiratory diagnostics company. CBIV led $19M funding round for N-Tidal Diagnose COPD diagnostic device. Total funding raised to $40M including £11M in grants from UK innovation bodies.
• BactolifeportfolioOthersCopenhagen-based biotech startup. CBIV co-led €30M+ Series B round for Binding Protein technology targeting gut health. Total funding approximately €35.1M including existing investors Novo Holdings and Athos.

Scale indicators5 records

Recent moves7 records

Expansion highlights12 records

Broad incumbents

• RockCreek: RockCreek is a global impact-investment firm with institutional investment and portfolio-support capabilities across markets. It is a broad incumbent and ecosystem comparator for CBIV's impact-led institutional fund model.
• F-Prime Capital: F-Prime Capital is an established healthcare and technology venture investor with life-sciences and healthtech portfolio activity. It is a broader incumbent comparator for CBIV's early-growth healthcare technology deployment.
• 5AM Ventures: 5AM Ventures focuses on early-stage life-sciences companies, including therapeutics, diagnostics, and medical technologies. It is a relevant broader incumbent for CBIV's healthtech and life-sciences investment stage, though it is not impact-specific.

Others

• Grand Challenges Canada: Grand Challenges Canada is a Canadian global-health innovation platform and funder that incubated CBIV and supports health innovations across many countries. It is an ecosystem and funding-model comparator rather than a directly competing fund manager.

Direct peers

• Rhia Ventures: Rhia Ventures is a gender-lens healthcare investor focused on women's health and wellness. It is a direct peer in targeting women's health innovation while seeking commercial returns alongside measurable impact.
• Avestria Ventures: Avestria Ventures is an early-stage fund focused on women's health and female-led companies. Its sector and stage focus overlaps with CBIV's Series A/B healthtech and gender-lens investing, although it is more narrowly focused on women.
• Global Innovation Fund: The Global Innovation Fund invests in breakthrough products and services designed for low- and middle-income countries. Its cross-border impact mandate and support for scalable innovation make it a close business-model peer.
• Adjuvant Capital: Adjuvant Capital is an impact-oriented life-sciences investor backing vaccines, therapeutics, diagnostics, and medical devices for underserved markets. Its global-health mandate, pooled fund structure, and early-to-growth-stage investing make it a direct peer to CBIV.
• Global Health Investment Fund: The Global Health Investment Fund finances the development and commercialization of vaccines, drugs, diagnostics, and other interventions for neglected diseases. Its global-health focus and impact-oriented fund model closely overlap with CBIV's health technology thesis.

Emerging players

• Amboy Street Ventures: Amboy Street Ventures is an emerging fund dedicated to women's health and companies led by women. It shares CBIV's early-growth healthtech and gender-lens investment orientation, while remaining narrower in sector scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cross-border-impact-ventures

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cross-Border Impact Ventures